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Xerox Losses Mean 4,000 More Job Cuts

STAMFORD, CT-Troubles continue for Xerox Corp., which reported slightly higher losses than analysts had expected for the fourth quarter 2000 and a cost cutting program that will mean the loss of another 4,000 jobs.

By John Jordan | Updated on January 29, 2001

STAMFORD, CT-While Xerox officials say the company has made some inroads to turn its fiscal fortunes around, the copier company, based here, reported an operational loss of $198 million or 31 cents per share in the fourth quarter. The company has stated it would further reduce its worldwide workforce by another 4,000 employees.

Xerox officials stated that its turnaround plans, which include asset sales, cost reductions and plans to exit the equipment finance business, are on track. To date, the company has not announced any major disposition of real estate assets in relation to its turnaround program.

“We are aggressively implementing our cost-reduction plans, which will yield more than $1 billion in savings by the end of 2001,” says Anne M. Mulcahy, Xerox president and chief operating officer. “Since the third quarter of 2000, we have taken actions that account for more than one-third of this target, including the reduction of approximately 2,000 jobs worldwide in the fourth quarter. This activity will intensify with the reduction of 4,000 jobs in the first quarter and additional reductions through the balance of the year.”

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